Business Services Industry
Uruguayan Internet firms lost market value.
South American Business Information, November, 2000
Uruguayan Internet firms StarMedia and El Sitio have lost so far this year, respectively, 84.24% and 92.7% of the market value they had in Wall Steet by the beginning of the year. StarMedia reported losses of US$35.1mil for the 1st quarter (Jan-March) of this year, although its income grew 531% over the period in comparison with the same period of last year. Starmedia predicts to generate profits next year. El Sitio's stock price fell from US$45 to US$2.68 at present. However, the company has US$100mil in cash to back its expansion over the next 3 years. It ispredicted to make profits in 2002. Interland, which provides Internet infrastructure services, aimed to raise US$70mil through an IPO, but eventually raised US$56mil. Besides, the company's stock price fell 56.25%...
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